How a Buyer needs to deal with multiple offers?
Wednesday Jan 27th, 2021
With a hot market and a dramatically low inventory , the Buyer may be frustrated, yet he/she has to deal with such situations with cautions.
Here are some tips that might help:
- Always listen to your well experienced Realtor: Your Realtor will guide you to the best ideas to deal with this situation, thereofore he/she should be your primary source.
- Know your budget: It's an essential step to understand your budget, I'd say that the best way to do that is by contacting your lender or mortgage broker and ask him/her for a pre-approval so you know your maximum limit if you decide to enter a bidding war!
- Move quickly: As I mentioned in the top of the blog, a very low inventory dictates that you need to be vigilant , once you -with your Realtor- found the desirable houuse, you must submit an offer with no delay!
- Make a reasonable offer: Submitting a low offer or much less than the asking price (most of the offers go for over asked) will lead to nothing and you loose the house you like it. As in first step, listen to your Realtor and benefit from his/her expertise.
- Flexibility is needed: Be flexible in pricing and closing date will help to have the deal you wanted. However don't waive the inspection , unless it's properly done.
What we learn: In a highly competitive market, a Buyer has to listen to the expert and be vigilant with flexibility.